General tax update for financial institutions in Asia Pacific · to a non-resident on borrowing of...

copy 2015 KPMG Tax Limited a BVI limited liability company operating in Hong Kong and a member firm of the KPMG network of independent member firms affiliated with KPMG

International Cooperative (KPMG International) a Swiss entity All rights reserved

General tax update for financial institutions in Asia Pacific

1

General tax update for financial institutions

in Asia Pacific

Regional co-ordinator and editor shy John Timpany KPMG China

Issue 51 March 2015




2

Highlights

Release of the Final Report of the Financial System Inquiry

Tightening of the thin capitalisation provisions passed into law

A number of transfer pricing rulings issued by ATO

Temporary capital gains tax exemption for QFIIs and RQFIIs deriving A-

share gains announced

New Private Equity (ldquoPErdquo) fund tax exemption expected to be legislated

in 2015

FATCA Model 2 IGA signed with US

Hong Kong Government committed to implement the OECDrsquos Common

Reporting Standard

bull Concessional rate of withholding tax on the interest payments extended

to a non-resident on borrowing of long term bonds in foreign currency

New Bank Indonesia regulation imposes limitations on foreign financing

to non-banking Indonesian companies

lsquoOutline of the 2015 Tax Reform Proposalsrsquo announced

Capital gain tax on certain derivatives transaction

Change to the scope of VAT exempt financial services

The Finance (No 2) Act 2014 published

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

AUSTRALIA

JAPAN

MN




3

More stringent rules on deductibility of expenses

Enhanced substance requirements on companies holding Category 1

Global Business Licence become applicable

OECD BEPS action plan - New Zealand progress update

NZ Inland Revenuersquos 2015 Compliance Focus

FATCA and automatic exchange of information

Supreme Court ruled that certain SWIFT messages are not subject to

documentary stamp tax

Department of Finance prescribes mandatory use of e-filing

FATCA updates

Goods and Services Tax (ldquoGSTrdquo) remission for qualifying funds

Income Tax exemptions announced in Budget 2015

Amendment to the Capital gains tax regime for local individual investors

on securities transaction

Extension of reduced corporate income tax and personal income tax for

another year

Key changes on current Tax laws effective from 1 January 2015

Tax exemption for income from government bonds issued to

international market in 2014

New regulations and guidance on foreign exchange control

MAURITIUS

SINGAPORE

TAIWAN

VIETNAM

THAILAND

NEW ZEALAND

PHILIPPINES

SRI LANKA

NKA




4

Australia

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Legislative developments

Allowing foreign pension funds access to concessional withholding tax rates

On 30 October 2014 the Tax and Superannuation Laws Amendment (2014 Measures No 6) Bill

2014 was introduced to Parliament Among other things the Bill enables foreign pension funds

to access the existing managed investment trust (ldquoMITrdquo) withholding tax regime which allows

concessional rates of withholding tax on income earned from investments in Australian MITs It

also proposes

Tightening of safe harbour debt limits

Increasing the de minimis threshold from $250000 of debt deductions to $2 million and

Introducing a worldwide gearing test for inbound investors

Tightening the thin capitalisation rules


2014 received Royal Assent bringing into effect the proposed changes to the thin capitalisation

regime (which apply to income years commencing on or after 1 July 2014) and a reform of the

provisions which exempt foreign non-portfolio dividends (which apply from the date of Assent)

The thin capitalisation reforms include


Increasing the deminimis threshold below which the thin capitalisation rules do not apply

(from A$250000 of debt deductions to A$2m) and


Taxation rulings and determinations

Guidance on Bitcoins

On 20 August 2014 the Australian Taxation Office (ldquoATOrdquo) released draft guidance on the

income tax goods and services tax (ldquoGSTrdquo) and fringe benefits tax (ldquoFBTrdquo) treatment of Bitcoin

transactions

The ATOrsquos view is that Bitcoin is not money or foreign currency for tax purposes and rather

should be treated as akin to barter arrangements with similar tax consequences Australian

businesses will therefore need to record any gainslosses made from the creation acquisition

and disposal of Bitcoins as part of their ordinary income They must also charge GST on a

taxable supply of Bitcoins and may be subject to GST when receiving consideration in the form

of Bitcoins A supply of goods or services that is settled by Bitcoin will therefore also require

reciprocal tax invoices between GST-registered parties together with the associated record

keeping and reporting obligations

Taxation Ruling TR 20147 - Foreign currency hedging transactions

The ruling sets out when foreign currency (ldquoFXrdquo) hedging gains are considered foreign-sourced

and when FX hedging losses reasonably relate to foreign income




5

For taxpayers that undertake significant FX hedging these issues can affect their entitlement to

foreign income tax offsets (ldquoFITOsrdquo) Where FX losses exceed FX gains in a particular year a

taxpayer will lose their entitlement to FITOs for that year (notwithstanding that these FITOs may

relate to foreign taxes paid on other foreign income such as interest or dividends) This issue is

of particular significance to the managed funds industry

In the ATOrsquos view the source of FX hedging gains is the place where each individual FX contract

is formed

Taxation Ruling TR 20146 ndash Application of transfer pricing reconstruction provisions

The ruling outlines the Commissionerrsquos views on the application of the reconstruction provisions

as contained in the new transfer pricing regime The ruling covers situations where the

Commissioner may re-price reconstruct or disregard cross-border transactions should they not

be considered armrsquos-length

Taxation Ruling TR 20148 ndash Application of transfer pricing record keeping provisions

The ruling outlines the Commissionerrsquos views on the application of the legislated transfer pricing

documentation requirements If an entity does not meet these requirements the provisions

dealing with administrative penalties apply as though a matter was not reasonably arguable (and

thus subject to a higher penalty regime) The ATO incentivises taxpayers to enhance their

transfer pricing documentation by offering reduced penalties in the event of a transfer pricing

adjustment

This Ruling is part of a package of ATO guidance dealing with transfer pricing documentation

Practice Statement PS LA 20142 Administration of transfer pricing penalties for income

years commencing on or after 29 June 2013 and

Practice Statement PS LA 20143 Simplifying transfer pricing record keeping

Other developments

Release of Final Report of the Financial System Inquiry

On 7 December 2014 the Treasurer released the Final Report of the Financial System Inquiry

(the lsquoMurray Reviewrsquo) The report includes 44 recommendations of potential areas of reform of

the Australian financial system including 13 tax settings that potentially distort the allocation of

funding and risk in the economy (eg dividend imputation interest withholding tax GST not

currently levied on financial supplies etc)

The tax issues raised in the final report have been referred to the Federal Governmentrsquos Tax

White Paper process which is expected to commence in early 2015

ATO response to OECDG20 BEPS Project

Following the recent release of the the Organisation for Economic Co-operation and

Development (ldquoOECDrdquo) recommendations on the 7 Action Items to address Base Erosion and

Profit Shifting (ldquoBEPSrdquo) the ATO released a progress report setting out how they intend to

address certain Action Items In summary

Hybrid Mismatches The ATO is currently investigating examples of hybrid mismatches to

establish the level of risk before determining any potential action required

Harmful tax practices The ATO has set up an Integrated Tax Design team to improve

transparency and exchange of tax rulings related to preferential regimes

Treaty abuse The ATO has expressed a strong interest in developing a lsquoprincipal purpose

testrsquo because of the difficulties of applying Part IVA (anti avoidance provisions) to complex

offshore arrangements

Mid-Year Economic and Fiscal Outlook

On 15 December 2014 the Treasurer released the Federal Governmentrsquos Mid-Year Economic

and Fiscal Outlook (ldquoMYEFOrdquo) The following tax policy changes relevant to the financial




6

services sector were released under the report

Managed Investment Trusts (ldquoMITrdquo) minor changes will be made to better target the armrsquos

length integrity rule and also allow foreign life insurance companies access to the MIT

regime There will also be clarification provided on the tax treatment of tax deferred

distributions paid by MITs (effective from 1 July 2011)

Investment Manager Regime (ldquoIMRrdquo) updated exposure draft legislation on IMR Element 3

is to be released in early 2015 which will provide a tax exemption on the gains of widely

held foreign funds that have invested in certain financial arrangements in Australia The

proposed regime is expected to broadly reflect the UK equivalent Investment Manager

Exemption The regime is expected to apply from the 2015-16 income year but with an

option for investors to apply retrospectively from the 2011-12 income year

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7

China

AUSTRALIA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


The Ministry of Finance (ldquoMOFrdquo) China Securities Regulatory Commission (rdquoCSRCrdquo) and the

State Administration of Taxation (rdquoSATrdquo) jointly issued Caishui [2014] No 79 (rdquoCircular 79rdquo)

Notice on the Issues of Temporary Corporate Income Tax Exemption for Capital Gains Derived

from the transfer of PRC Shares and Equity Interests on 14 November 2014

Under Circular 79 Foreign Institutional Investors (ldquoQFIIsrdquo) and RMB Qualified Foreign

Institutional Investors (ldquoRQFIIsrdquo) are temporarily exempt from Corporate Income Tax

(ldquoCITrdquo) in respect of China sourced gains derived from the transfer of shares (and other

equity investments) on or after 17 November 2014

In respect of China sourced gains derived by QFIIs and RQFIIs from the transfer of shares

prior to 17 November 2014 Circular 79 prescribes that such gains would be subject to CIT

(ie 10 withholding tax) in accordance with the CIT Law

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8

Hong Kong

AUSTRALIA

CHINA

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


New Private Equity fund tax exemption expected to be legislated in 2015

The Hong Kong Government recently completed industry consultation in relation to the proposed

new private equity (ldquoPErdquo) fund tax exemption which were initially announced by the Financial

Secretary in his 201314 budget speech It is expected that draft legislation will be introduced to

the Legislative Council in coming months

Existing Offshore Funds tax exemption

For PE funds the existing exemption has not been effective because it did not apply to

investments in private companies A further limitation is that investments need to be

arranged by a person licensed with the Securities and Futures Commission (ldquoSFCrdquo) In

practice managers of many PE funds are not required to obtain an SFC license

Expected changes and our comments

i Transactions in private companies

The current exemption will be expanded to cover a broad range of private companies

including those incorporated outside of Hong Kong unless at any time in the three

years prior to the relevant disposal of securities in a private company it either

1) carried on business in Hong Kong through a permanent establishment

2) directly or indirectly held equity interests in one or more private companies

carrying on business in Hong Kong through a permanent establishment or the

aggregate value of those equity interests was more than 10 of its own total

asset value or

3) held real estate in Hong Kong or directly or indirectly held equity interests in one

or more private companiesrsquo with direct or indirect holdings of real estate in Hong

Kong in addition the aggregate value of the Hong Kong real estate held by it plus

the value of the equity interests held in the other private companies exceeded

10 of the value of its own total asset value

To prevent round-tripping the existing deeming provisions will equally apply to offshore

private equity funds ie a resident person (alone or jointly with his associates) holding a

beneficial interest of 30 or more in a tax-exempt private equity fund will be deemed

to have derived assessable profits in respect of profits earned by the fund from

specified transactions and incidental transactions in Hong Kong

Exempt investments in private companies include investments in shares stocks

debentures loan stocks funds bonds or notes As such this should be broad enough

to cover most types of transactions typically entered into by PE funds

ii Bona fide private equity fund

This definition should capture most genuine PE funds being defined as an offshore PE

fund which at all times after its final closing has more than 4 investors (associates

being aggregated) having collectively committed more than 90 of the fundrsquos capital

In addition the fundsrsquo originator (and their associates) should not be entitled to more

than 30 of the net proceeds arising from fund transactions Funds which satisfy




9

these requirements would not need to have transactions carried out through or

arranged by an SFC-licensed person to benefit from the offshore funds exemption

iii Special Purpose Vehicles (ldquoSPVsrdquo)

Officials have agreed that the offshore funds exemption should also apply to profits

derived both by an SPV from an investment in a private company and by an offshore

fund from the disposal of an SPV which holds an investment in a private company

It is proposed that SPV will be defined quite broadly to include corporations

partnerships trustees or any other entity incorporated registered or appointed in or

outside Hong Kong The SPV can be wholly or partially owned by a non-resident be

established only for holding and administering one or more eligible portfolio companies

and would not be able to carry on any other trade or activity

Deeming provisions are also proposed to apply to resident person (alone or jointly with

his associates) holds a beneficial interest of 30 or more in a tax-exempt private equity

fund and the fund has a beneficial interest in an SPV that is exempt

For a number of years the Hong Kong PE fund industry has been at a competitive disadvantage

when compared to other fund centres (in particular Singapore) as there has not been a specific

tax exemption clearly applicable to offshore PE funds with Hong Kong-based deal teams

The key benefit of the expected changes is that it will provide investment professionals based in

Hong Kong with greater flexibility in undertaking their daily tasks without the concern about

creating a tax exposure in Hong Kong for the fund that they represent

We recommend that funds operating in Hong Kong start considering changes in anticipation of

the pending legislation This may include

Changes to existing operating protocols and the time to implement them

Amendments to and simplification of existing fund structures and

Preparing or updating transfer pricing support documentation for fees paid to Hong Kong

investment advisors to reflect activities intended to be performed in Hong Kong going

forward

Other developments

Hong Kong signs Model 2 IGA under FATCA

The US Foreign Account Tax Compliance Act (ldquoFATCArdquo) is a US law designed to combat tax

evasion by US citizens and residents through the use of offshore accounts and investments

Generally FATCA requires the identification and reporting of US taxpayers by Foreign Financial

Institutions (ldquoFFIsrdquo) outside of the US to the US Internal Revenue Service (ldquoIRSrdquo) In certain

instances FATCA withholding at the rate of 30 may also apply to certain types of US sourced

income

Within Asia Pacific only Australia New Zealand Hong Kong and Japan have signed

Intergovernmental Agreements (ldquoIGAsrdquo) with the US Treasury to-date thereby defining their

obligations and exemptions under FATCA andor local law In particular the Hong Kong IGA

covers certain exemptions for financial institutions or products including Mandatory Provident

Fund schemes registered financial institutions with a local client base certain investment

advisers and investment managers established in Hong Kong

While the Hong Kong IGA largely mitigates the need for FATCA withholding it could still apply

where withholdable payments (US source income or proceeds from the sale of property that

generates US source income) are made to overseas Non-Participating FFIs

Under the IGA FFIs in Hong Kong may rely on a set of streamlined due diligence procedures to

screen and identify US indicia in order to locate US accounts and clients for reporting purposes

For example in determining whether a new individual account is a US account based on a

customized self-certification received from the applicant rather than more esoteric procedures




10

under FATCA regulations such as the use of US-centric withholding certificates FFIs are

required however to confirm the reasonableness of such certification which can be

accomplished by reference to other documents obtained during the account opening process

FFIs are required to report the relevant account information of US taxpayers directly to the IRS

under the Model 2 IGA adopted by Hong Kong This is supplemented by group requests made

by the IRS to the Hong Kong Inland Revenue Department for exchange of information on

relevant US taxpayers at a government level on a need basis We expect that local authorities

will only be involved by exception

One of the largest misconceptions about FATCA is that FFIs without US customers will not be

impacted While the reporting aspects of FATCA are reduced when there are no US customers

the primary responsibility conferred upon FFIs is to be able to identify US customers through the

new client due diligence process as well as through pre-existing client remediation

Furthermore companies that are not normally considered financial institutions may still be

considered FFIs under the Hong Kong IGA (ie under the headings of custodial institution

depository institution investment entity or specified insurance company) and may have due

diligence and reporting requirements under FATCA

Hong Kong takes a major step towards the automatic exchange of information

In August 2014 the Organisation for Economic Co-operation and Development (ldquoOECDrdquo)

published the first edition of the Standard for Automatic Exchange of Financial Account

Information in Tax (the Common Reporting Standard) which was presented to the G20 Finance

Ministers and Central Bank Governors at their meeting in Cairns Australia on 20-21 September

2014 and is intended to facilitate the automatic exchange of financial information

Hong Kong was quick to respond directly and positively to the Global Forum on Transparency

and Exchange of Information for Tax Purposes (ldquoGlobal Forumrdquo) of which it is a member In an

announcement on 15 September 2015 Secretary for Financial Services and the Treasury

Professor KC Chan committed to implementing the Common Reporting Standard and said

ldquoIt is crucial for Hong Kong to adopt the latest global standard on tax transparency in order to

maintain our international reputation and competitiveness as an international financial and

business centrerdquo

Current legislation in Hong Kong precludes the exchange of information other than on a request

basis In order to adopt and implement the Common Reporting Standard appropriate legislation

will be required The secretary further announced that the HKSAR Government would soon

engage stakeholders address policy and legal issues and ultimately seek the Legislative

Councilrsquos approval for the legislation

This approach is similar to that adopted in introducing the legislation enacted in July 2013 to

enable Hong Kong to enter into standalone tax information exchange agreements (ldquoTIEArdquo) The

consultation process started in mid- to late 2012 and included extensive consultations with

business and industry bodies as well as legal financial and accountancy representative groups

We expect a similar process for the introduction of the Common Reporting Standard although

given the Global Forumrsquos anticipated commencement date of 2018 the necessary agreements

to properly implement the Common Reporting Standard and the required administrative

measures the government may need to work to a strict schedule

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11

India

AUSTRALIA

CHINA

HONG KONG

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases

Gains arising in the hands of a Mauritian company from sale of equity shares and

Compulsory Convertible Debentures (rdquoCCDsrdquo) of an Indian company are not taxable as

interest income in India

Zaheer Mauritius v DIT International Taxation II [WP (C) 16482013 ampCM No 31052013]

(Delhi)

The taxpayer was a company incorporated and tax resident in Mauritius The taxpayer along with

Vatika Limited (ldquoVatikardquo) an Indian company invested in SH Techpark Developers Ltd (ldquoJV

companyrdquo) to undertake development of a real estate project in India

The taxpayer entered into a Securities Subscription Agreement (ldquoSSArdquo) and a Shareholderrsquos

Agreement (ldquoSHArdquo) with Vatika and the JV company The SHA recorded the terms of the

relationship between the taxpayer Vatika and the JV company their rights and obligations

including matters relating to transfer of equity shares and the management and operation of the

JV company

As per the SSA the taxpayer agreed to acquire 35 per cent ownership interest in the JV

company by making a total investment of INR1 billion in five tranches The taxpayer agreed to

subscribe to 46307 equity shares with a par value of INR10 each and 882585590 zero per cent

CCDs with a par value of INR1 each in a planned and phased manner The SHA also provided

for a call option to be given to Vatika by the taxpayer to acquire all the securities during the

option period and likewise a put option was given to the taxpayer by Vatika to sell to Vatika all

the securities during the determined period

Vatika partly exercised the call option and purchased 22924 equity shares and 436924490

CCDs from the taxpayer for a total consideration of INR800 million Subsequently the taxpayer

transferred further equity shares and CCDs to Vatika

The taxpayer filed an application with the Authority for Advance Ruling (ldquoAARrdquo) The AAR

concluded that the entire transaction which is embodied in the SSA SHA and other documents

was a sham and the real transaction was only of the taxpayer granting a loan to Vatika Based on

Article 10 of the SHA the AAR concluded that these agreements indicated that the taxpayer

would receive a fixed rate of return Accordingly the AAR held that the entire gains on the sale

of equity shares and CCDs held by the taxpayer were interest within the meaning of Section

2(28A) of the Act and Article 11 of the India-Mauritius tax treaty and were taxable in India

The taxpayer filed a writ petition before the Delhi High Court The High Court observed that

there was sufficient commercial reason for the taxpayer to have routed its investment from

Mauritius into the real estate project in India through equity shares and CCDs Thus the legal

nature of CCDs could not be ignored and the corporate veil between the Indian investee

company and the Indian JV company could not be lifted

Therefore the High Court held that the gains from sale of equity shares and CCDs are not

taxable as interest under the Act and the India-Mauritius tax treaty




12

Share sale transaction between Joint Venture (ldquoJVrdquo) partners resulting in loss is not a

lsquocolourable devicersquo

CIT v Siel Ltd (ITA No 16162010 and ITA No 16192010)

The taxpayer had entered into a JV agreement followed by a first amendatory agreement with

Plansee Tizit Aktiengesellschaft (ldquoPlanseerdquo) an Austrian company The agreement was entered

into for setting-up and forming the company Siel Tizit Ltd to carry on business of manufacture

sale distribution export and other dealings in hard metals

The two JV partners equally acquired the paid-up equity capital of 15 million equity shares of

INR10 per share During the year under consideration the JV declared a rights issue of six

million equity shares The taxpayer renounced its entitlement to subscribe 3 million equity

shares in the rights issue Thereafter Planseersquos shareholding increased to 583 per cent while

the taxpayerrsquos share holding decreased to 417 per cent

Subsequently the taxpayer and Plansee entered into an agreement whereby Seil Tezit Ltd

proposed to offer 10 million fresh equity shares for cash at par on a rights basis but the taxpayer

due to financial difficulties was unable to subscribe for the shares Therefore the taxpayer

decided to renounce the rights in favour of Plansee

Further on taxpayerrsquos request Plansee agreed to buy the taxpayerrsquos 127 million shareholding for

a consideration of USD600000 which on conversion came to INR202 per share with face value

of INR10 each This resulted in book loss of INR1012 million or indexed loss of INR1362 million

on capital account

The Assessing Officer (ldquoAOrdquo) did not accept the said capital loss and challenged the transaction

The Delhi High Court held that the said transaction had commercial or business reasons The

High Court observed that the Ministry of Industry had granted approval for purchasesale of

shares Further the Reserve Bank of India (rdquoRBIrdquo) had given no objection to the transaction

permitting JV partners to acquire shares in the JV from the taxpayer The reliance of the

taxpayer on the valuation report was also accepted by the RBI when they granted express

permission


Central Board of Direct Taxation (ldquoCBDTrsquo) extends the concessional rate (5 per cent) of

withholding tax on the interest payments to a non-resident on borrowing by way of any

long term bonds in foreign currency

Section 194LC of the Income-tax Act 1961 (ldquothe Actrdquo) was introduced by the Finance Act 2012

It provides a lower withholding tax at the rate of 5 per cent on the interest payments by Indian

companies on borrowings made in foreign currency from a source outside India

The benefit is available in respect of borrowings made either under an agreement or by way of

issue of long term infrastructure bonds The section further provides that such borrowing and

the rate of interest should be approved by the Central Government

Subsequently with a view to lower the compliance burden and reduce the time lag which would

have arisen on account of case-by-case approval the Central Government had decided to grant

approval to all borrowings under loan agreements and long term infrastructure bonds provided

they satisfy prescribed conditions

The Finance (No 2) Act 2014 further extended the concessional rate of withholding tax on

borrowing any long term bonds not limited to a long term infrastructure bond if the borrowing is

made on or after 1 October 2014 Further the concluding date of the period of borrowings

eligible for concession under Section 194LC of the Act has been extended to borrowings made

before the 1 July 2017 and approved by the Central Government

In order to mitigate the compliance burden the CBDT has now issued a Circular conveying the

approval of the Central Government on long term bonds including long term infrastructure bonds

which satisfy the prescribed conditions laid down in the circular




13

Other developments

Agreement for avoidance of double taxation and prevention of fiscal evasion with Fiji

The Government of India has announced its tax treaty with the Government of Fiji on 12 August

2014 The tax treaty was signed on 30 January 2014 and will be effective from 1 April 2015

The tax treaty expands the scope of a Permanent Establishment (rdquoPErdquo) by including insurance

PE The tax treaty taxes royalties and fees for technical services at 10 per cent dividend at 5 per

cent and interest at 10 per cent The provisions of the tax treaty do not prevent the contracting

states from applying provisions of the domestic law and measures of tax avoidance or tax

evasion by having clauses on limitation of benefit and exchange of information

India signs first bilateral APA with Japan

On 19 December 2014 the CBDT signed a bilateral Advance Pricing Agreement (ldquoAPArdquo) with a

Japanese company This is Indiarsquos first bilateral APA which has been signed for a period of five

years CBDT announced that this bilateral APA was finalised in one and half years

Back to top




14

Indonesia

AUSTRALIA

CHINA

HONG KONG

INDIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


New Bank Indonesia Regulation Imposes Limitations on Foreign Financing by Indonesian

Companies

On October 28 2014 Bank Indonesia the Indonesian central bank issued BI Regulation No

1620PBI2014 on Prudential Principles in the Management of Offshore Borrowing for Non-Bank

Institutions (ldquoBI Regulation 16rdquo) which imposes significant restrictions on new offshore financing

arrangements entered into by non-banking institutions in Indonesia The new BI Regulation 16

will force Indonesian non-banking corporations to apply prudent fiscal management regarding

foreign debt

The regulation came into effect on 1 January 2015 and requires Indonesian non-banking

borrowers to satisfy certain minimum hedging and liquidity ratios in relation to their external

indebtedness In particular the regulation requires Indonesian companies who borrow from

offshore source to fulfill three prudential criteria

Hedging ratio From 1 January to 31 December 2015 at least 20 percent of the difference

between foreign currency external indebtedness which will be due in the following six

months and foreign currency assets is required to be hedged Commencing from 1 January

2016 the ratio will be increased to 25 percent

Liquidity ratio From 1 January to 31 December 2015 the minimum ratio of foreign currency

assets to external indebtedness which will be due in the following three months is required

to be 50 percent Commencing from 1 January 2016 the ratio will be increased to 70

percent

Credit rating Commencing from 1 January 2016 any non-banking borrowers must have a

minimum BB rating or its equivalent from an authorized ratings agency

Furthermore under the new BI Regulation 16 non-banking institutions in Indonesia will be

required to submit quarterly report to Bank Indonesia detailing their hedging and liquidity ratios

It appears that no criminal or monetary sanctions will be imposed on borrowers or lenders who

contravene the three prudential criteria However Bank Indonesia will begin imposing

administrative sanctions in the form of warning letters to ldquorelated partiesrdquo in the transaction

including the lenders who are providing the non-compliant debt and disclose to other regulators

such as the Capital Markets Supervisory Authority or OJK which could implement wider-ranging

sanctions under the capital markets regulations for non-compliance

The newly published BI Regulation 16 may force Indonesian corporate borrowers to refinance

their external borrowings in order to meet the criteria However there are still uncertainties

surrounding the detail on how these hedging and liquidity ratios will be calculated The new BI

Regulation 16 is also likely to influence policymakers to review any potential debt leveraging

under the current ldquoThin Capitalisationrdquo concept

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15

Japan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


The ruling coalition (the Liberal Democratic Party and New Komeito) agreed on the lsquoOutline of

the 2015 Tax Reform Proposalsrsquo (ldquoProposalrdquo) on 30 December 2014 We have set out below

brief summaries of the main points of the Proposal

The Proposal itself is only an indicative outline and is unclear with respect to some of the

contemplated changes The details of the tax reform will be unveiled in the bills revising the tax

laws and the succeeding amended tax laws cabinet orders and ministerial ordinances Please

note that the final tax reform could differ from the Proposal depending on the outcome of

discussions in the Diet

Corporate tax rates

Reduction in Effective Corporate Tax Rates

Under the Proposal there will be reductions in the national and local tax rates such that the

effective corporate tax rate should reduce as follows for large sized companies

Current tax law Proposal

Fiscal years beginning

between 1 April 2014

and 31 March 2015



and 31 March 2016


on or after 1 April 2016

3462 3211 3133

-

Reduced by 251

compared with

the current tax rate

Reduced by 329

compared with


The above effective tax rates take into account the tax deductibility of special local

corporation tax and business tax payments and are calculated using the standard tax rates

applied to a company whose stated capital is over JPY100 million

The effective corporate tax rate using Tokyo tax rates applied to a company whose stated

capital is over JPY100 million is currently 3564 percent and the future tax rates will be

available after the business tax rates (income component) for Tokyo are determined in the

range between the standard rates and the maximum tax rates

Size-based Business Tax

Size-based business tax to be levied based on corporate business size not on corporate

incomerevenue as consideration for administration services provided by local governments

was introduced in 2004 Under the 2015 tax reform amendments to size-based business

tax (including increases in tax rates) are proposed in order to make up for lost tax revenues

caused by the reduction of the effective corporate tax rates

Corporate taxation

Tax Loss Carry-forwards

The tax loss carry-forward rules will be amended as below

i Deductible amount of tax losses

The deductible amount of tax losses brought forward will be reduced as follows for

large-sized companies (generally capital over JPY100 million)




16

Current tax law

Proposal


between

1 April 2015 and 31 March

2017

Fiscal years beginning on

or after

1 April 2017

Up to 80

of taxable income for

the fiscal year

Up to 65

of taxable income for the

fiscal year

Up to 50


fiscal year

ii Tax loss carry-forward period

The tax loss carry-forward period will be extended from 9 years to 10 years As a

result the preservation period for accounting documents the statute of limitations for

corrections by the tax authorities with respect to tax losses and requests for correction

by taxpayers with respect to tax losses will also be extended from 9 years to 10 years

These amendments will be applied to tax losses incurred in fiscal years beginning on or

after 1 April 2017

Dividends Received Deduction

The rules concerning the dividends received deduction are proposed to change as follows

i Excludable ratios for dividends derived from shares

Current tax law

Category of shares Excludable ratios

Shares in 100 percent subsidiaries

(ownership ratio 100)

Dividends received x 100

Shares in related companies

(ownership ratio 25 or more)

(Dividends received - Interest on debts) x 100

Shares other than the above (Dividends received - Interest on debts) x 50

Proposal






(ownership ratio more than 13)

(Dividends received - Interest on

debts) x 100

Other shares

(ownership ratio more than 5 but 13 or less)


Non-controlling shares

( ownership ratio 5 or less)


1) The special measure for non-life insurance companies with respect to interest on debts

will be abolished

2) A special measure to enable blue-return filing insurance companies to exclude 40

percent of dividends derived from non-controlling shares from their taxable income will

be introduced

ii Excludable ratios of distribution of profits from investment trusts


Equity

investment

trusts

(Distribution of profits x 12 (or 14) -

Interest on debts) x 50 0




17

ETFs (Distribution of profits

- Interest on debts) x 50

Distribution of profits x

20

International taxation

Foreign Dividend Exclusion (ldquoFDErdquo)

The following amendments are proposed for the Foreign Dividend Exclusion (ldquoFDErdquo)

system as a response to the recommendation of lsquoAction 2 - Neutralising the Effects of

Hybrid Mismatch Arrangementrsquo included in the first deliverables released in September 2014

under the OECDG20 Base Erosion and Profit Shifting (ldquoBEPSrdquo) Project

Current tax law

i Where a Japanese company receives dividends from its foreign subsidiary (a foreign

company 25 percent or more of whose shares are held by the Japanese company for

at least 6 months) 95 percent of the dividends are exempt

ii The National Tax Agency has clarified in its QampA that even when dividends paid by a

foreign subsidiary are deductible in the country where the foreign subsidiary is located

(eg preference dividends from Redeemable Preference Shares (ldquoRPSrdquo) in Australia

and interest on capital (ldquoIOCrdquo) in Brazil) 95 percent of the dividends are also exempt in

Japan

iii Foreign withholding taxes on dividends to which FDE is applied are not deductible

Moreover foreign withholding taxes on dividends from foreign subsidiaries are not

creditable regardless of whether the FDE is applied to the dividends

Proposal

i When a Japanese company receives dividends from its foreign subsidiary and the

whole amount or part of the dividends is deductible in the country where the head

office of the foreign subsidiary is located FDE will not be applied to the dividends

ii When part of dividends paid by a foreign company is deducted in the country of the

foreign company it is allowed to exclude only such part from dividends subject to the

FDE (Attaching details to a final tax return and preserving certain documents are

required)

iii Foreign withholding taxes on dividends from foreign subsidiaries to which the FDE is

not applied by virtue of the above amendments will be creditable

The above amendments will be applied to dividends from foreign subsidiaries in fiscal years

of a Japanese company beginning on or after 1 April 2016

Note that the current treatment will be retained if dividends are derived from shares held as

of 1 April 2016 and are received from foreign subsidiaries in fiscal years of a Japanese

company beginning from 1 April 2016 to 31 March 31 2018

Consumption tax

Consumption Tax Rate Increase

In line with the statement made by Prime Minister Shinzo Abe in November 2014 that an

increase in the consumption tax rate to 10 percent should be postponed by 18 months from

October 2015 (stipulated in the law) to April 2017 the Proposal confirms the following

i The consumption tax rate will be raised to 10 percent on 1 April 2017

ii An lsquoescape clausersquo included in the Joint Reform of Social Security and Tax Systems

Law that stipulates that the increases in the consumption tax rate should be

determined based on the comprehensive consideration of the economic environment

will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


Capital gains tax on certain derivatives transactions

After series of discussions and proposals for taxing derivatives transactions in recent years a bill

to impose capital gains tax on derivatives transactions has been passed by the National

Assembly and the relevant amendment to the individual income tax law was enacted in

December 2014

In recent years two alternative proposals for taxing derivatives have been discussed in the

National Assembly namely 1) imposition of the securities transaction tax (ldquoSTTrdquo) on the

transaction value of derivatives transactions and 2) application of capital gains tax (ldquoCGTrdquo) to

gains from derivatives transactions The STT proposal was introduced in the National Assembly

by the administration in September 2012 but ultimately was not enacted

Although further developments in the legislation remain to be seen the derivatives subject to

the CGT include KOSPI 200 Forward KOSPI 200 Options and the derivatives traded on an

exchange market overseas

CGT will be imposed at 20 and this amendment will be effective for the derivatives

transactions entered into on or after 1 January 2016


Contrary to the previous Enforcement Decree of VAT Law where general financial and insurance

services were exempt from being subject to VAT for service contracts made on or after 1 July

2015 financial and insurance services that are not considered as traditional financial and

insurance services will be subject to VAT The new amendment provides examples of these

ldquonon-traditionalrdquo financial and insurance services as follows

safe deposit of securities certificate pursuant to banking law

money trust and investment services that are invested in real estate and real assets

investment advisory and

insurance actuary and pension actuary

The current VAT rate is 10

Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


Finance (No 2) Act 2014

The Finance (No 2) Act 2014 was published on 30 December 2014 and some of the key

changes are as follows

Corporate Income Tax Rate

The corporate income tax rate is reduced by 1 to 24

For small and medium enterprises resident and incorporated in Malaysia and limited liability

partnerships the tax rate for chargeable income of up to RM500000 is reduced by 1 to

19 The remaining chargeable income is subjected to tax at a rate of 24

The above changes are effective from YA 2016

Tax Treatment for Insurance Business

i Cost of Acquiring and Realizing Investments or Rights

Effective from YA 2015 the cost of acquiring and realizing any investments or rights

which is deductible for the life fund shareholdersrsquo fund or general business shall

include expenses incurred in managing those investments or rights (computed using a

specified formula)

Tax Treatment for Takaful Business

i Tax Deduction for Commission Payable Discount Allowed and Management Expenses

Tax deduction on commission payable discount allowed and management expenses is

given as follows

1) For general fund the above expenses are only tax deductible for the Takaful

operator operating under the mudharabah model and

2) For shareholdersrsquo fund the above expenses are only tax deductible for the Takaful

operator operating under the wakalah model

ii Wakalah Fees

Wakalah fees received by the shareholdersrsquo fund from the family fund are not subject

to tax Commission and management expenses incurred by shareholdersrsquo fund in

connection with the family fund are not tax deductible

iii Set Off for Tax Charged on Actuarial Surplus

Actuarial surplus transferred from the family fund of a Takaful operator to the

shareholdersrsquo fund is subject to tax To avoid double taxation any amount of tax

charged on that portion of the actuarial surplus (determined based on the prescribed

formula) shall be allowed to offset against the tax charged on the chargeable income of

the Takaful operator in respect of its shareholdersrsquo fund from the family business

iv Cost of Acquiring and Realizing Investments or Rights

The cost of acquiring and realizing any investments or rights which is deductible for the

family fund general fund or shareholdersrsquo fund shall include expenses incurred in

managing those investments or rights (computed using a specified formula)





20

Tax Treatment for Life Insurer or Takaful Operator

i Adjusted Loss from the Investment in Respect of Deferred Annuity

With effect from 30 December 2014 any adjusted losses from the investment in

respect of an approved deferred annuity scheme (which the income is tax exempt)

cannot be set off against the statutory income of the life insurance fund or family fund

Payment of Tax by Instalments

Effective from 1 January 2015 the due date for monthly tax instalments is revised from the

10th day of each calendar month to the 15th day of each calendar month

Time Bar For Raising Income Tax Assessments

With effect from 30 December 2014 the time limit for the Director General of the Inland

Revenue (ldquoDGIRrdquo) to raise an income tax assessment or additional assessment has

increased to 7 years for transfer pricing adjustments

Right of Appeal Against Deemed Assessments Extended to Include DGIRrsquos Practices

Currently a taxpayer can only make an official appeal against a deemed assessment for the

tax return filed under the self-assessment system where the taxpayer disagrees with the tax

treatment indicated in a Public Ruling With effect from 30 December 2014 the right of

appeal is extended to include situations where the taxpayer is aggrieved by any practice of

the DGIR generally prevailing at the time the assessment is made

Income Tax (Deduction for Cost Relating to Training for Employees for the

Implementation of GST) Rules 2014

The Rules allow an additional deduction of 100 of the expenditure incurred by a qualifying

person in training its employees under an accounting or information and communication

technology training programme which is conducted in Malaysia for the purposes of the

implementation of the Goods and Services Tax (ldquoGSTrdquo) Act 2014 The Rules have been verified

by the Director General of Customs and Excise

The Rules are effective for YA 2014 and YA 2015

Income Tax (Deduction for Expenses in Relation to Secretarial Fee and Tax Filing Fee)

Rules 2014

The Rules allow

(a) a deduction of 100 (up to RM5000) of the secretarial fee charged in respect of secretarial

services provided by a company secretary registered under the Companies Act 1965 to

comply with the statutory requirements under the Companies Act 1965

(b) a deduction of 100 (up to RM10000) of the tax filing fee charged by a tax agent approved

under the Income Tax Act 1967 or the Goods and Services Act 2014 for the preparation and

submission of return in the prescribed form

The Rules are effective from YA 2015 for item (a) and YA 2016 for item (b) above

GST Regulations and Orders

Following the publication of the GST Act 2014 and GST Tax Regulations 2014 in gazette the

following legislations among others have been issued

Goods and Services Tax (Exempt Supply) Order 2014

Goods and Services Tax (Zero-Rated Supply) Order 2014

Goods and Services Tax (Relief) Order 2014


Public rulings

The Malaysian Inland Revenue Board (ldquoMIRBrdquo) has issued the following Public Rulings

Public Ruling 62014 Taxation of Foreign Fund Management Company

This Ruling explains the tax treatment of income received by a foreign fund management

company that provides fund management services to foreign and local investors




21

Public Ruling 72014 Unit Trust Funds Part II - Taxation of Unit Trusts

This Ruling explains the taxation of unit trust funds and property trusts other than a real

estate investment trust or property trust fund regulated by the Securities Commission

This Public Ruling replaces Public Ruling 62013 Unit Trust Funds Part II - Taxation of Unit

Trusts

Public Ruling 82014 Basis Period of a Company Limited Liability Partnership Trust Body

and Co-Operative Society

This Ruling explains the determination of the basis period for a company a limited liability

partnership a trust body and a co-operative society

This Public Ruling replaces Public Ruling 52001 Basis Period for a Business Source (Co-

operatives) and 72001 Basis Period for Business amp Non-Business Sources (Companies)

Public Ruling 92014 Private Retirement Scheme

This Ruling is to clarify the tax treatment of private retirement scheme (PRS) contributions

by an individual and the employer as well as income of the PRS fund

Public Ruling 102014 Special Allowances for Small Value Assets

This Ruling explains the special allowances accorded to small value assets

This Public Ruling replaces Public Ruling 12008 Special Allowances for Small Value Assets

Public Ruling 122014 Qualifying Plant and Machinery for Claiming Capital Allowances

This Ruling explains whether an asset is a qualifying plant and machinery for the purpose of

claiming capital allowances in determining the statutory income from a business

This Public Ruling replaces Public Ruling 22001 Computation of Initial and Annual

Allowances in Respect of Plant amp Machinery

The full text of the Public Rulings is available at httpwwwhasilgovmy

Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


The annual Budget is normally delivered in November each year However due to the General

Elections in Mauritius in December 2014 the Budget was postponed until March 2015

Cases

The Supreme Court of Mauritius heard an appeal relating to the taxpayers who have incurred

capital expenditure which has generated both taxable and exempt income

The appellant taxpayer is a sugar producing company It claimed capital allowances on

capital expenditure incurred in course of its business on the basis that the expenditure was

incurred to produce taxable income In accordance with Section 26(3) of the Income Tax

Act a proportion of expenditure or loss relating to exempt income has to be disallowed

The point of issue was whether ldquoexpenditure or lossrdquo includes annual allowances

Section 24 provides that taxpayer shall be allowed a deduction for capital expenditure

incurred by way of annual allowances to the extent that it has generated taxable income

In the present case the taxpayer has incurred both taxable and exempt income Accordingly

when applying Section 26(3) in disallowing part of expenditure incurred in production of

exempt income expenditure or loss should include annual allowances consequently

disallowing part of annual allowances as specified under section 24(3)

The Assessment Revenue Committee (ldquoARCrdquo) recently dealt with a case involving a

Category 1 Global Business Licence (ldquoGBC 1rdquo) engaged in the activity of investment

holding

The taxpayer is a company holding a GBC 1 license in Mauritius It engaged in the

investment holding and its revenue consists of dividend and interest income In addition

the company realises gains or losses upon disposal of its investment

The taxpayer treated profit on disposal of investments as capital gain not subject to tax and

claimed as deductions fees paid to custodians and sub-custodians for the holding of

investments

The Mauritius Revenue Authority (ldquoMRArdquo) considers that the total amount of expenses

incurred to produce both taxable and non-taxable income cannot be wholly claimed as

deductions and therefore applied a formula to allow only expenditure which relates to the

taxable income

The ARC found that it should not intervene in the assessment as once the MRA found that

part of the expenditure claimed did not exclusively produce taxable income (ie it produced

exempt income or gains of a capital nature) the Director General was fully entitled to make

an assessment and to disallow parts of the expenditure claimed


Tax Ruling 146 (TR 146)

In compliance with the Second Schedule to the Income Tax Act (ldquoITArdquo) it was held that interest

paid to a non-resident not carrying on any business in Mauritius by a GBC 1 is exempt from tax in

Mauritius


The Ruling clarified that profit realized by a company incorporated in Mauritius as a result of a




23

share buy-back and the liquidation of a foreign investee company is not subject to income tax

The investee companies in this case did not have any retained earnings available It should be

noted that dividends distributed from retained earnings received from outside Mauritius are

subject to income tax


A GBC 1 received a grant from a charitable foundation incorporated in Netherlands The grant

was a significant source of the initial capital for the GBC 1 which used the funds for acquisition

of shares of a company in Kenya and for providing a loan to the Kenyan company

It was decided that the grant funding is a capital receipt and would not be included in the gross

income of the GBC 1 by virtue of section 51 of the ITA and hence would not be taxable in

Mauritius

TR 151 further clarified that the GBC 1 would be subject to income tax on dividends interest and

royalty income

Other developments

Mauritius ndash Congo Double Taxation Avoidance Agreement (DTAA)

DTAA between the Republic of Mauritius and the Republic of Congo was ratified by the

President of the Republic of Congo on 1 August 2014 and took effect as from 1 January 2015

The maximum tax rates applicable in the State of Source are as follows

Dividend 0 and 5

Interest 5

Royalty Exempt

Capital gains on sale of shares Taxing right to Resident State

0 rate shall apply if beneficial ownership is at least 25 whereas 5 shall apply in all other

cases

Mauritius ndash Rwanda DTAA

A new DTAA between the Republic of Mauritius and the Republic of Rwanda was signed on 20

April 2013 The new DTAA replaces the previous Mauritius and Rwanda 2001 DTAA and entered

into force on 4 August 2014 The provisions of the new DTA shall be deemed to apply as

follows

in Rwanda in respect of any income year beginning on or after 1 January 2013 and

in Mauritius in respect of any period beginning on or after 1 July 2013

The key changes brought by the new DTAA are summarized below

Article Previous 2001 DTAA New DTAA

Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12

Capital gains on sale

of shares

Taxing right to Resident

State


State

FATCA

A working group has been set up to assist MRA to finalise guideline notes on FATCA KPMG

have been invited to be part of the working group




24

NEW SUBSTANCE REQUIREMENT FOR GBC 1

From 1 January 2015 for a GBC 1 to be eligible to apply for a tax residency certificate (ldquoTRCrdquo)

the Regulator will consider one of the following additional criteria in establishing whether a

company has its place of management and control in Mauritius

Having office premises in Mauritius

Employing full time staff at administrativetechnical level who is resident in Mauritius

Having a clause in its constitution whereby all disputes shall be resolved by way of

arbitration in Mauritius

Shares are listed on a securities exchange licensed by the Financial Services Commission

(ldquoFSCrdquo)

Having assets (excluding cash held in bank account or sharesinterests in another entity

holding a GBC licence) worth at least USD100000 in Mauritius or

Having yearly expenditure in Mauritius which can be reasonably expected from any similar

entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


Taxation (Annual Rates Employee Allowances and Remedial Matters) Act 2014

In December 2014 the Government introduced the Taxation (KiwiSaver Homestart and Remedial

Matters) Bill The Bill once enacted will allow first home buyers who are enrolled in a KiwiSaver

superannuation savings scheme to access government tax credits (in addition to the employer

and employee contributions into the scheme)


In November 2014 the New Zealand Government released reports outlining Officialsrsquo preliminary

views on the Organisation for Economic Co-operation and Development (ldquoOECDrdquo) Base Erosion

and Profit Shifting Action Plan (ldquoBEPSrdquo) work and possible timeframes for consideration of and

consultation on domestic (NZ) law changes to address some of the BEPS concerns

The reports provide some interesting insights into the domestic issues which are concerning

New Zealand Officials These include use of Australian limited partnerships which can give rise

to double deduction concerns and lsquodeficienciesrsquo in New Zealandrsquos foreign trust regime For

financial institutions the focus on interest related tax issues such as high priced related party

debt thin capitalisation limits and ldquodeficienciesrdquo in New Zealandrsquos non-resident withholding tax

rules should be particularly noted

Consultation on these and various tax administrative changes (including requiring larger

taxpayers to file income tax returns earlier so that their tax affairs can be analysed and issues

identified earlier) are expected in mid to late 2015

This is said to allow alignment with the OECDrsquos final recommendations KPMG in New Zealand

considers that this is an ambitious time frame While there may be early consensus regarding

the need for change each country delivering on the legislative and changes necessary for

implementation is much less certain New Zealand will risk being ahead of the curve to its

detriment if it implements change too early in our view

Cases

CIR v John Curtis Developments Limited (2014) NZHC 3034

The case involved the sale of a partially completed retail development with an option for the

vendor to complete the rest of the development The vendor received development payments

which it treated as capital receipts which the Commissioner of Inland Revenue (ldquoCIRrdquo)

challenged While the taxpayer was successful in the Taxation Review Authority (ldquoTRArdquo)

tribunal the CIR successfully appealed to the High Court The Court however declined to uphold

the CIRrsquos imposition of shortfall penalties for taking an unacceptable tax position It considered

the taxpayerrsquos success in the TRA suggested the taxpayerrsquos position was one a reasonable mind

might adopt

Michael William Diamond v CIR (2014) NZHC 1935

The High Court overturned a TRA decision that a contractor (Mr Diamond) working overseas was

New Zealand tax resident The Court significantly read down the TRArsquos view that a New Zealand

rental property owned by Mr Diamon but which he had never lived in gave rise to a Permanent




26

Place of Abode in New Zealand for tax residence purposes

Vector Limited v CIR (2014) NZHC 2069

Vector Limited (a New Zealand electricity distributor) derived payments for the grant of

easementslicences to Transpower (New Zealandrsquos electricity network operator) for access to

Vectorrsquos Auckland underground transmission corridors The land rights granted resulted in

payments to Vector which it initially treated as taxable but then sought to adjust as non-taxable

capital payments The CIR challenged the adjustments in the High Court

The issues considered by the Court were whether the payments were taxable as lsquoother

revenuesrsquo derived from a lsquolease licence or easement affecting the landrsquo The Court held that

while the payments were derived from easementslicences affecting land the relevant amounts

were not taxable as lsquoother revenuesrsquo does not include capital payments The Court considered

that

The ordinary meaning of the term lsquorevenuersquo is income and therefore the term lsquoother

revenuesrsquo cannot be interpreted so liberally as to capture receipts of a capital nature

If Parliament intended to include capital payments as taxable a specific reference to the

payment would have been made in the tax law (such as in the case of premiums or site

goodwill payments)

The payments were of a lsquoonce and for all naturersquo (ie not a recurrent payment) and they

were not derived as part of Vectorrsquos income earning process


QB 1412 Income tax ndash foreign tax credits for amounts withheld from UK pension

The Inland Revenue has concluded that a person cannot claim a foreign tax credit in New Zealand

for any amounts withheld in the UK on their UK pension payments as the withholding is not

ldquoforeign income taxrdquo due to the operation of the NZ-UK Double Tax Agreement (ldquoDTArdquo) (That

is the DTA does not allow the UK to tax pension payments to NZ tax residents)

This has wider implications for the ability to claim an offset against New Zealand tax liabilities

where foreign tax is prima facie deducted but the DTA provides for relief Inland Revenue has

indicated that the issue of foreign tax credits generally is on its work programme for further

public announcements

QB 1411 Income tax ndash scenarios on tax avoidance

This Inland Revenue item considers the application of New Zealandrsquos general anti-avoidance

provision to three scenarios The scenarios concern availability of interest deductions the

utilisation of New Zealandrsquos ldquolook-through companyrdquo tax regime and the application of the

ldquosubstituting debenturerdquo anti-avoidance rule

A fourth scenario involving shareholder debt capitalisations was consulted on but omitted from

the finalised statement as this is subject to further consideration KPMG New Zealandrsquos

commentary on QB1411 is available at

httpwwwkpmgcomNZenIssuesAndInsightsArticlesPublicationsTaxmailDocumentstaxmail-

Oct2014-IRD-Final-View-Tax-Avoidance-Scenariospdf

Other developments


The 2015 version was released in late November 2014 and outlines Inland Revenuersquos key focus

areas for enforcement activity These include the tax affairs of high net worth taxpayers tax

structuring involving trusts and various issues in the property charitable and government

sectors

As in previous years Inland Revenue has emphasised the need for taxpayers to get the basics

right ndash ie filing and paying income tax on time understanding their obligations as an employer

(Pay-As-You-Earn and Fringe Benefit Tax obligations) and complying with Goods and services Tax

(ldquoGSTrdquo)




27

You can read more about the New Zealand progress update on BEPS and the 2015 Inland

Revenue compliance focus document here


New Zealand has signed an inter-governmental agreement (ldquoIGArdquo) with the United States to

implement Foreign Account Tax Compliance Act (ldquoFATCArdquo) requirements for New Zealand

financial institutions This came into effect from 1 July 2014 The first FATCA reporting period

for NZ financial institutions ends on 31 March 2015

In October 2014 the Government announced that New Zealand would also adopt the OECDrsquos

automatic exchange of information (ldquoAEOIrdquo) proposal which effectively extends FATCA-type

information sharing to other countries New Zealand will begin exchanging information with

other tax jurisdictions on a voluntary basis from 2018 with mandatory reporting to commence in

2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases

The Hongkong and Shanghai Banking Corporation Limited-Philippine Branches (ldquoHSBCrdquo)

vs Commissioner of Internal Revenue (GR Nos 166018 and 167728 04 June 2014)

The Supreme Court ruled that electronic messages ldquocannot be considered negotiable

instruments as they lack the feature of negotiability which is the ability to be transferredrdquo and

that the said electronic messages are ldquomere memorandardquo of the transaction consisting of the

ldquoactual debiting of the [investor-client] payorrsquos local or foreign currency account in the

Philippinesrdquo and ldquoentered as such in the books of account of the local bankrdquo

Thus SWIFT or Society for Worldwide Interbank Financial Telecommunication messages of

HSBCrsquos investor-clients containing instructions to debit their respective local or foreign currency

accounts in the Philippines and pay a certain named recipient also residing in the Philippines is

not the transaction contemplated under Section 181 of the Tax Code which imposes

Documentary Stamp Tax (ldquoDSTrdquo) on the acceptance or payment of bills of exchange or order for

the payment of money purporting to be drawn in a foreign country but payable in the Philippines

This is because such electronic instructions are ldquoparallel to an automatic bank transfer of local

funds from a savings account to a checking account maintained by a depositor in one bankrdquo

Further the said instructions given through electronic messages are not negotiable instruments

as they do not comply with the requisites of negotiability under the negotiable instruments law

The electronic messages are not signed by the investor-clients as supposed drawers of a bill of

exchange they do not contain an unconditional order to pay a sum certain in money as the

payment is supposed to come from a specific fund or account of the investor-clients and they

are not payable to order or bearer but to a specifically designated third party Thus the

electronic messages are not the bills of exchange under the Negotiable Instruments Law As

there was no bill of exchange or order for the payment drawn abroad and made payable here in

the Philippines there could have been no acceptance or payment that will trigger the imposition

of the DST under Section 181 of the Tax Code


Revenue Regulations (ldquoRRrdquo) No 6-2014 dated 05 September 2014

DOF issued RR No 6- 2014 which prescribes the mandatory use of electronic Bureau of Internal

Revenue Forms (ldquoeBIRFormsrdquo) in the filing of all tax returns by Non-Electronic Filing and

Payment System (ldquonon-eFPSrdquo) filers

The eBIRForms refer to the following two types of electronic services (ldquoe-Servicesrdquo) provided by

the BIR relative to the preparation and submission of tax returns

Offline eBIRForms Package ndash is a software that allows the taxpayer and Accredited Tax

Agents (ldquoATArdquo) prepare tax forms offline and

Online eBIRForms System ndash is a filing infrastructure that accepts tax returns submitted

online and automatically computes penalties for tax returns submitted beyond due date

The eBIRForms cover thirty-six BIR Forms comprised of Income Tax Returns Excise Tax Forms

VAT Forms Withholding Tax Forms Documentary Stamp Tax Forms Percentage Tax Forms

One-Time Transaction (ldquoONETTrdquo) Forms and Payment Form The complete list of BIR Forms is




29

provided for in RR No 6-2014

The following non-eFPS filers are covered by the RR

ATAPractitioners and all its client-taxpayers

Accredited Printers of Principal and Supplementary ReceiptsInvoices

ONETT taxpayers

Those who shall file a ldquoNo Paymentrdquo Return (ie a tax return that is not accompanied by

any payment where the same is filed with any authorized BIR receiving office)

Government-Owned or Controlled Corporations (ldquoGOCCsrdquo)

Local Government Units (ldquoLGUsrdquo) except barangays and

Cooperatives registered with National Electrification Administration (NEA) and Local Water

Utilities Administration (ldquoLWUArdquo)

The eBIRForms should be available to all non-eFPS filers with or without internet access

Taxpayers with internet access can download the eBIRForms Package from the BIR website

wwwbirgovph while taxpayers without internet can download the eBIRForms Package from

the BIR e-lounges

It is mandatory for Non-eFPS filers specifically ATAPractitioners Accredited Printers of Principal

and Supplementary ReceiptsInvoices and ONETT taxpayers to use the eBIRForms in filing all of

their tax returns They may opt to submit their tax returns manually using the Offline eBIRForms

Package at their respective Revenue District Offices or electronically through the use of the

Online eBIRForms System

The ATAs who are preparing and filing tax returns on behalf of their clients are likewise required

to use the eBIRForms

Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


Foreign Account Tax Compliance Act (ldquoFATCArdquo)

The Ministry of Finance (ldquoMOFrdquo) Monetary Authority of Singapore (ldquoMASrdquo) and the Inland

Revenue Authority of Singapore (ldquoIRASrdquo) carried out a public consultation from 22 September

2014 to 17 October 2014 in relation to proposed regulations to help financial institutions in

Singapore to comply with the US Foreign Account Tax Compliance Act (ldquoFATCArdquo) FATCA

which was enacted by the US Congress in 2010 and took effect on 1 July 2014 is intended to

ensure that the US Internal Revenue Service (ldquoIRSrdquo) obtains information on financial accounts of

US persons held by foreign financial institutions (ldquoFFIsrdquo) Failure by an FFI to disclose

information on their US clients will result in a requirement to withhold 30 percent tax on

payments of US-sourced income

The public consultation was in relation to

the draft Income Tax (International Tax Compliance Agreements) (United States of America)

Regulations 2014 which sets out the due diligence and reporting obligations of Singapore-

based financial institutions in relation to the FATCA Intergovernmental Agreement (ldquoIGArdquo)

and

a draft FATCA e-Tax Guide which provides further explanation of those obligations

Responses to the public consultation are expected to be published on MOFs website early in

2015

FATCA IGA

Singapore and the US signed a FATCA Model 1 IGA on 9 December 2014 following its

initialling in May 2014 The IGA will help ease the FATCA compliance burden of Singapore-

based FIs (ldquoSGFIsrdquo)

Registration

SGFIs can now register at the FATCA Registration Portal as a Registered Deemed-

Compliant Financial Institution (Including a Reporting Financial Institution under a Model 1

IGA)


The GST remission scheme allows qualifying funds to recover GST incurred on all expenses

(except disallowed expenses under the GST Regulations 26 and 27) from 22 January 2009 to 31

March 2019 based on a fixed recovery rate without requiring the funds to register for GST

The fixed recovery rate for expenses incurred during the period from 1 January 2015 to 31

December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015

Profits and income earned by Unit Trusts from investments made on or after 1 January 2015

in US dollar deposits US dollar securities listed in any foreign stock exchange will be exempt

from Income Tax Such income is currently taxed at 10

Interest income from investments made after 1January 2015 in corporate debt Securities

issued by Urban Development Authority is to be made exempt from Income Tax


Value Added Tax (ldquoVATrdquo)

The present rate of 12 will be reduced to 11

Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top


Amendment to the Capital gains tax regime for local individual investors on securities

transaction

Article 14-2 of the Income Tax Act was recently amended The article addresses the taxation of

capital gains from securities transactions

Pre-amendment of Article 14-2 starting from 2015 and onward for capital gains derived by local

individual shareholder sale of listed shares OTC shares and emerging shares of NT$1 billion or

more within a given year are taxed using the actual basis However only the portion which

exceeds the NT$1 billion threshold will be subject to tax

The amendment delays the implementation of the new regime for local individuals on capital

gains realized from the sale of listed shares OTC shares and emerging shares which exceeds the

NT$1 billion volume limit from 2015 to 2018

Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top


Corporate Income Tax

The Royal Decree No 577 issued on 10 November 2014 confirmed that the reduced corporate

income tax rate of 20 will continue to apply for FY15

Personal Income Tax

The Royal Decree No 576 issued on 10 November 2014 confirmed that the personal income

tax rates for FY15 remain unchanged

Tax Refund

Section 63 of the Thai Revenue Code allows a taxpayer to claim a refund where the taxpayer

received income that was subject to withholding tax (ldquoWHTrdquo) and that tax exceeded the amount

that should have been withheld

Section 63 was amended with the effect from 10 November 2014 to allow such refund claim to

be filed within three years from the due date of the filing of the tax return in which the relevant

income was declared Previously the timeframe for filing the refund claim was three years from

the end of the year in which the income was earned

Property and Land Tax

The Draft Bill introduced new property tax rates The property tax rates will be determined by

the official committees subject to the following ceilings

05 for the normal rate (eg applicable to commercial property)

01 for residential use

005 for land and agriculture use

Vacant land that is not being used for any propose will be subject to the 05 tax rate in the first

three years The tax rate will double every three years but will be capped at the maximum rate

of 2 The tax base used in determining the property tax liability is an appraisal value of the land

or building The property tax applies to owners of land and buildings and possessors of public

land and buildings


Internet Filing

The Thai Revenue Department extended the deadline for filing of tax returns electronically by 8

calendar days for tax returns due between 1 February 2015 and 31 January 2016

The tax returns covered under this extension are personal income tax returns corporate income

tax returns WHT returns Value Added Tax (ldquoVATrdquo) returns and Specific Business Tax (ldquoSBTrdquo)

returns This includes the original and amended returns

The recently released Draft Bill on Land and Buildings Tax has been approved by the Office of

the Council of State but has not yet been enacted




34

VAT Invoice Requirement

The Director-General of Revenue Department has recently issued Notifications No 196 and 199

setting out the requirements for a tax invoice debit note credit note and output VAT report

issued by a VAT registrant Broadly the details that must be provided include the tax ID of a

customer (if registered for VAT) the place of business of the supplier and the place of business

of the customer (as to whether it is a branch or a head office)

Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top


Key changes on the Law No 712014QH13 amending and supplementing a number of

articles of current Tax laws which took effect from 1 January 2015

Under the new Law some notable points are highlighted as follows

Removal of the 15 capped on the ldquoAdvertisement and Promotionrdquo expenses in which all

legitimate AampP are now fully deductible

The reinstate of the standard rate for late interest payment to 005day regardless of the

number of late payment days instead of 007day from the 91st days onwards under

previous regulation and

In cases where revenue expenses and taxable price are in foreign currencies or the

taxpayer is obliged to pay tax liabilities in foreign currencies but allowed by authorities to pay

in Vietnam Dong (ldquoVNDrdquo) the amount in foreign currencies must be converted into VND of

the actual exchange rate at the time of occurrence (instead of the interbank exchange rate

stipulated by the State Bank of Vietnam as previously)

Tax exemption for income from government bonds issued to international market in 2014

On 1 November 2014 Government issued Resolution No 78NQ-CP which provides that

income from government bonds issued to international market in 2014 shall be exempted from

Personal Income Tax and Corporate Income Tax in Vietnam The Ministry of Finance will include

this content into the Prospectus and documents to be provided to investors

Foreign exchange control for foreign direct investment in Vietnam

State Bank of Vietnam (ldquoSBVrdquo) issued Circular 192014TT-NHNN on 11 August 2014 providing

guidance on foreign exchange control for Foreign Direct Investment (ldquoFDIrdquo) in Vietnam which

takes effect from 22 September 2014 Some notable points are as follows

Currency for capital contribution

Vietnamese investors who would like to invest in foreign invested enterprises (ldquoFIEsrdquo) are

allowed to make capital contribution in foreign currency from their own legitimate sources

Direct Investment Capital Account (ldquoDICArdquo)

To carry out FDI activities in Vietnam FIEs andor foreign investors participating in Business

Cooperation Contract (ldquoBCCrdquo) must open a DICA in foreign currency andor in VND at

authorised bank

Capital remittance during pre-licence period

Prior to issuance of investment certificate foreign investors are permitted to remit capital in

foreign currency via payment account opened at an authorised bank to fund the project at

the preparation phase in accordance with agreement with involved parties

After obtaining the Investment Certificate the foreign investors must reconcile and finalise the

remitted capital amount during pre-licenced period




36

New penalties on administrative violations of foreign exchange control and banking

activities

On 17 October 2014 the Government issued Decree 962014ND-CP stipulating more

specifically on sanctioning of administrative penalties in terms of foreign exchange control and

banking activities

Notably Decree 96 stipulates the sanctions against foreign exchange violations including

Trading foreign currency with promotions brokerage commissions

Trading foreign currency at credit institutions (ldquoCIsrdquo) which are not allowed to exchange

currency

Failure to sell foreign currency gained to CIs and

Any transactions quoting pricing contract pricing or listing and advertising the price of

goods in foreign currency which violates the regulations including cases where the payment

for goods and services in foreign currencies are improperly implemented

The Decree came into force from 12 December 2014 and replacing Decree 2022004ND-CP

dated 10 December 2004 and Decree 952011ND-CP dated 20 December 2011

New guidance on registration of foreign loans without the Governmentrsquos guarantee

The SBV issued Circular 252014TT-NHNN (ldquoCircular 25rdquo) dated 15 September 2014 providing

guidance on registration of foreign loans that are not guaranteed by the Government

According to Circular 25 the following foreign loans are required to be registered with the SBV

Foreign loans with medium or long term and

Foreign loans of which the terms are extended with total extension period of more than one

year

Short-term loans without extension agreement which are outstanding after one year from the

date of first withdrawal However if borrowers repay the loans within ten days as from the date

of counting one year they will not be required to register the loans

New circular guiding on trust and acceptance of the trusteeship performed by CIs and

branches of foreign banks

On 6 November 2014 SBV issued new Circular No 302014TT-NHNN providing more detailed

guidance on the rights and obligations of trustee and trusters system of recording and reporting

entrustment activities Accordingly CIs and branches of foreign banks are allowed to be trustee

and accept trusteeship in loans making financial leasing capital contribution share purchase

investing in the projects of production business buying enterprise bonds provided that the

entrustment must be stated in written agreement and ensure ten specific requirements

This Circular came into effect from 1 January 2015

New guidance on dossiers and procedure to obtain approval for overseas investors to

purchase shares in Vietnamese CIs

SBV issued the Circular 382014TT-NHNN dated 8 December 2014 stipulating the specific

procedure for foreign investors to buy shares in CIs in Vietnam in the following cases

Purchase of shares which resulted in the ownership of 5 or more of charter capital in CIs

Additionally purchase of shares while already-owning 5 or more of charter capital in CIs

Purchase of shares which resulted in the ownership of 10 or more of charter capital in

CIs and

Purchase of shares and becoming strategic investors of CIs

Duration for SBV to assess the dossiers is 40 days from the date of submission Once the




37

approval is obtained investors must remit full amount of investing money within 30 days

This Circular takes effect from 1 January 2015 and cancels the previous relevant regulations


Scanning the List of Non-reporting Financial Institutions (ldquoFIsrdquo) that qualify as Deemed-

Compliant FFIs (ldquoDCFFIrdquo) (ie FATCA exemption) in accordance with Annex II IGA Model 1

Foreign Account Tax Compliance Act (ldquoFATCArdquo) comes into effect from 1 July 2014 For the

purpose of speeding up the Intergovernmental Agreement (ldquoIGArdquo) negotiation with the

Government of the United States of America SBV issued Official Letter No 2746TTGSNH1

dated 6 September 2014 requesting FIs to perform self-assessment according to Section III

Annex II of IGA Model 1 to determine whether they are entitled to FATCA exemption before 15

September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120

nareshmakhijanikpmgcom

Indonesia

Erlyn Tanudihardja

+62 21 570 4888

erlyntanudihardjakpmgcoid

Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919

kyeongmikimkrkpmgcom

Malaysia

Guanheng Ong

+ 60 3 7721 3388

guanhengongkpmgcommy

Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines

Herminigildo Murakami

+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565

hongbengtaykpmgcomsg

Sri Lanka

Premila Perera

+94 11 2343 106

premilapererakpmgcom

Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand

Kullakattimas Benjamas

+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity Although we

endeavour to provide accurate and timely information there can be no guarantee that such information is accurate as of the date it is received or that it will

continue to be accurate in the future No one should act upon such information without appropriate professional advice after a thorough examination of the

particular situation

copy 2015 KPMG a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International

Cooperative (ldquoKPMG Internationalrdquo) a Swiss entity All rights reserved Printed in Hong Kong

The KPMG name logo and ldquocutting through complexityrdquo are registered trademarks or trademarks of KPMG International

kpmgcomcn




2

Highlights

Release of the Final Report of the Financial System Inquiry

Tightening of the thin capitalisation provisions passed into law

A number of transfer pricing rulings issued by ATO

Temporary capital gains tax exemption for QFIIs and RQFIIs deriving A-

share gains announced

New Private Equity (ldquoPErdquo) fund tax exemption expected to be legislated

in 2015

FATCA Model 2 IGA signed with US

Hong Kong Government committed to implement the OECDrsquos Common

Reporting Standard

bull Concessional rate of withholding tax on the interest payments extended

to a non-resident on borrowing of long term bonds in foreign currency

New Bank Indonesia regulation imposes limitations on foreign financing

to non-banking Indonesian companies

lsquoOutline of the 2015 Tax Reform Proposalsrsquo announced

Capital gain tax on certain derivatives transaction


The Finance (No 2) Act 2014 published

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

AUSTRALIA

JAPAN

MN




3










FATCA updates






another year





MAURITIUS

SINGAPORE

TAIWAN

VIETNAM

THAILAND

NEW ZEALAND

PHILIPPINES

SRI LANKA

NKA




4

Australia

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top







also proposes


















transactions















5







is formed












adjustment





Other developments



























6












Back to top




7

China

AUSTRALIA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top













Back to top




8

Hong Kong

AUSTRALIA

CHINA

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top





















asset value or























9



























forward

Other developments







income

















10











































Back to top




11

India

AUSTRALIA

CHINA

HONG KONG

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases





(Delhi)








JV company




























12




















on capital account







permission


























13

Other developments













Back to top




14

Indonesia

AUSTRALIA

CHINA

HONG KONG

INDIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top



Companies






foreign debt












percent
















Back to top




15

Japan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top










Corporate tax rates







and 31 March 2015



and 31 March 2016



3462 3211 3133

-

Reduced by 251

compared with


Reduced by 329

compared with















Corporate taxation









16

Current tax law

Proposal


between


2017


or after

1 April 2017

Up to 80


the fiscal year

Up to 65


fiscal year

Up to 50


fiscal year







after 1 April 2017




Current tax law









Proposal








debts) x 100

Other shares







will be abolished



be introduced



Equity

investment

trusts






17




20







Current tax law








Japan




Proposal







required)








Consumption tax









will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




3










FATCA updates






another year





MAURITIUS

SINGAPORE

TAIWAN

VIETNAM

THAILAND

NEW ZEALAND

PHILIPPINES

SRI LANKA

NKA




4

Australia

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top







also proposes


















transactions















5







is formed












adjustment





Other developments



























6












Back to top




7

China

AUSTRALIA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top













Back to top




8

Hong Kong

AUSTRALIA

CHINA

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top





















asset value or























9



























forward

Other developments







income

















10











































Back to top




11

India

AUSTRALIA

CHINA

HONG KONG

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases





(Delhi)








JV company




























12




















on capital account







permission


























13

Other developments













Back to top




14

Indonesia

AUSTRALIA

CHINA

HONG KONG

INDIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top



Companies






foreign debt












percent
















Back to top




15

Japan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top










Corporate tax rates







and 31 March 2015



and 31 March 2016



3462 3211 3133

-

Reduced by 251

compared with


Reduced by 329

compared with















Corporate taxation









16

Current tax law

Proposal


between


2017


or after

1 April 2017

Up to 80


the fiscal year

Up to 65


fiscal year

Up to 50


fiscal year







after 1 April 2017




Current tax law









Proposal








debts) x 100

Other shares







will be abolished



be introduced



Equity

investment

trusts






17




20







Current tax law








Japan




Proposal







required)








Consumption tax









will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




4

Australia

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top







also proposes


















transactions















5







is formed












adjustment





Other developments



























6












Back to top




7

China

AUSTRALIA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top













Back to top




8

Hong Kong

AUSTRALIA

CHINA

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top





















asset value or























9



























forward

Other developments







income

















10











































Back to top




11

India

AUSTRALIA

CHINA

HONG KONG

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases





(Delhi)








JV company




























12




















on capital account







permission


























13

Other developments













Back to top




14

Indonesia

AUSTRALIA

CHINA

HONG KONG

INDIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top



Companies






foreign debt












percent
















Back to top




15

Japan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top










Corporate tax rates







and 31 March 2015



and 31 March 2016



3462 3211 3133

-

Reduced by 251

compared with


Reduced by 329

compared with















Corporate taxation









16

Current tax law

Proposal


between


2017


or after

1 April 2017

Up to 80


the fiscal year

Up to 65


fiscal year

Up to 50


fiscal year







after 1 April 2017




Current tax law









Proposal








debts) x 100

Other shares







will be abolished



be introduced



Equity

investment

trusts






17




20







Current tax law








Japan




Proposal







required)








Consumption tax









will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




5







is formed












adjustment





Other developments



























6












Back to top




7

China

AUSTRALIA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top













Back to top




8

Hong Kong

AUSTRALIA

CHINA

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top





















asset value or























9



























forward

Other developments







income

















10











































Back to top




11

India

AUSTRALIA

CHINA

HONG KONG

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases





(Delhi)








JV company




























12




















on capital account







permission


























13

Other developments













Back to top




14

Indonesia

AUSTRALIA

CHINA

HONG KONG

INDIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top



Companies






foreign debt












percent
















Back to top




15

Japan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top










Corporate tax rates







and 31 March 2015



and 31 March 2016



3462 3211 3133

-

Reduced by 251

compared with


Reduced by 329

compared with















Corporate taxation









16

Current tax law

Proposal


between


2017


or after

1 April 2017

Up to 80


the fiscal year

Up to 65


fiscal year

Up to 50


fiscal year







after 1 April 2017




Current tax law









Proposal








debts) x 100

Other shares







will be abolished



be introduced



Equity

investment

trusts






17




20







Current tax law








Japan




Proposal







required)








Consumption tax









will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




6












Back to top




7

China

AUSTRALIA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top













Back to top




8

Hong Kong

AUSTRALIA

CHINA

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top





















asset value or























9



























forward

Other developments







income

















10











































Back to top




11

India

AUSTRALIA

CHINA

HONG KONG

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases





(Delhi)








JV company




























12




















on capital account







permission


























13

Other developments













Back to top




14

Indonesia

AUSTRALIA

CHINA

HONG KONG

INDIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top



Companies






foreign debt












percent
















Back to top




15

Japan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top










Corporate tax rates







and 31 March 2015



and 31 March 2016



3462 3211 3133

-

Reduced by 251

compared with


Reduced by 329

compared with















Corporate taxation









16

Current tax law

Proposal


between


2017


or after

1 April 2017

Up to 80


the fiscal year

Up to 65


fiscal year

Up to 50


fiscal year







after 1 April 2017




Current tax law









Proposal








debts) x 100

Other shares







will be abolished



be introduced



Equity

investment

trusts






17




20







Current tax law








Japan




Proposal







required)








Consumption tax









will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




7

China

AUSTRALIA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top













Back to top




8

Hong Kong

AUSTRALIA

CHINA

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top





















asset value or























9



























forward

Other developments







income

















10











































Back to top




11

India

AUSTRALIA

CHINA

HONG KONG

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases





(Delhi)








JV company




























12




















on capital account







permission


























13

Other developments













Back to top




14

Indonesia

AUSTRALIA

CHINA

HONG KONG

INDIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top



Companies






foreign debt












percent
















Back to top




15

Japan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top










Corporate tax rates







and 31 March 2015



and 31 March 2016



3462 3211 3133

-

Reduced by 251

compared with


Reduced by 329

compared with















Corporate taxation









16

Current tax law

Proposal


between


2017


or after

1 April 2017

Up to 80


the fiscal year

Up to 65


fiscal year

Up to 50


fiscal year







after 1 April 2017




Current tax law









Proposal








debts) x 100

Other shares







will be abolished



be introduced



Equity

investment

trusts






17




20







Current tax law








Japan




Proposal







required)








Consumption tax









will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




8

Hong Kong

AUSTRALIA

CHINA

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top





















asset value or























9



























forward

Other developments







income

















10











































Back to top




11

India

AUSTRALIA

CHINA

HONG KONG

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases





(Delhi)








JV company




























12




















on capital account







permission


























13

Other developments













Back to top




14

Indonesia

AUSTRALIA

CHINA

HONG KONG

INDIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top



Companies






foreign debt












percent
















Back to top




15

Japan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top










Corporate tax rates







and 31 March 2015



and 31 March 2016



3462 3211 3133

-

Reduced by 251

compared with


Reduced by 329

compared with















Corporate taxation









16

Current tax law

Proposal


between


2017


or after

1 April 2017

Up to 80


the fiscal year

Up to 65


fiscal year

Up to 50


fiscal year







after 1 April 2017




Current tax law









Proposal








debts) x 100

Other shares







will be abolished



be introduced



Equity

investment

trusts






17




20







Current tax law








Japan




Proposal







required)








Consumption tax









will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




9



























forward

Other developments







income

















10











































Back to top




11

India

AUSTRALIA

CHINA

HONG KONG

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases





(Delhi)








JV company




























12




















on capital account







permission


























13

Other developments













Back to top




14

Indonesia

AUSTRALIA

CHINA

HONG KONG

INDIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top



Companies






foreign debt












percent
















Back to top




15

Japan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top










Corporate tax rates







and 31 March 2015



and 31 March 2016



3462 3211 3133

-

Reduced by 251

compared with


Reduced by 329

compared with















Corporate taxation









16

Current tax law

Proposal


between


2017


or after

1 April 2017

Up to 80


the fiscal year

Up to 65


fiscal year

Up to 50


fiscal year







after 1 April 2017




Current tax law









Proposal








debts) x 100

Other shares







will be abolished



be introduced



Equity

investment

trusts






17




20







Current tax law








Japan




Proposal







required)








Consumption tax









will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




10











































Back to top




11

India

AUSTRALIA

CHINA

HONG KONG

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases





(Delhi)








JV company




























12




















on capital account







permission


























13

Other developments













Back to top




14

Indonesia

AUSTRALIA

CHINA

HONG KONG

INDIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top



Companies






foreign debt












percent
















Back to top




15

Japan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top










Corporate tax rates







and 31 March 2015



and 31 March 2016



3462 3211 3133

-

Reduced by 251

compared with


Reduced by 329

compared with















Corporate taxation









16

Current tax law

Proposal


between


2017


or after

1 April 2017

Up to 80


the fiscal year

Up to 65


fiscal year

Up to 50


fiscal year







after 1 April 2017




Current tax law









Proposal








debts) x 100

Other shares







will be abolished



be introduced



Equity

investment

trusts






17




20







Current tax law








Japan




Proposal







required)








Consumption tax









will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




11

India

AUSTRALIA

CHINA

HONG KONG

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases





(Delhi)








JV company




























12




















on capital account







permission


























13

Other developments













Back to top




14

Indonesia

AUSTRALIA

CHINA

HONG KONG

INDIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top



Companies






foreign debt












percent
















Back to top




15

Japan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top










Corporate tax rates







and 31 March 2015



and 31 March 2016



3462 3211 3133

-

Reduced by 251

compared with


Reduced by 329

compared with















Corporate taxation









16

Current tax law

Proposal


between


2017


or after

1 April 2017

Up to 80


the fiscal year

Up to 65


fiscal year

Up to 50


fiscal year







after 1 April 2017




Current tax law









Proposal








debts) x 100

Other shares







will be abolished



be introduced



Equity

investment

trusts






17




20







Current tax law








Japan




Proposal







required)








Consumption tax









will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




12




















on capital account







permission


























13

Other developments













Back to top




14

Indonesia

AUSTRALIA

CHINA

HONG KONG

INDIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top



Companies






foreign debt












percent
















Back to top




15

Japan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top










Corporate tax rates







and 31 March 2015



and 31 March 2016



3462 3211 3133

-

Reduced by 251

compared with


Reduced by 329

compared with















Corporate taxation









16

Current tax law

Proposal


between


2017


or after

1 April 2017

Up to 80


the fiscal year

Up to 65


fiscal year

Up to 50


fiscal year







after 1 April 2017




Current tax law









Proposal








debts) x 100

Other shares







will be abolished



be introduced



Equity

investment

trusts






17




20







Current tax law








Japan




Proposal







required)








Consumption tax









will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




13

Other developments













Back to top




14

Indonesia

AUSTRALIA

CHINA

HONG KONG

INDIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top



Companies






foreign debt












percent
















Back to top




15

Japan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top










Corporate tax rates







and 31 March 2015



and 31 March 2016



3462 3211 3133

-

Reduced by 251

compared with


Reduced by 329

compared with















Corporate taxation









16

Current tax law

Proposal


between


2017


or after

1 April 2017

Up to 80


the fiscal year

Up to 65


fiscal year

Up to 50


fiscal year







after 1 April 2017




Current tax law









Proposal








debts) x 100

Other shares







will be abolished



be introduced



Equity

investment

trusts






17




20







Current tax law








Japan




Proposal







required)








Consumption tax









will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




14

Indonesia

AUSTRALIA

CHINA

HONG KONG

INDIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top



Companies






foreign debt












percent
















Back to top




15

Japan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top










Corporate tax rates







and 31 March 2015



and 31 March 2016



3462 3211 3133

-

Reduced by 251

compared with


Reduced by 329

compared with















Corporate taxation









16

Current tax law

Proposal


between


2017


or after

1 April 2017

Up to 80


the fiscal year

Up to 65


fiscal year

Up to 50


fiscal year







after 1 April 2017




Current tax law









Proposal








debts) x 100

Other shares







will be abolished



be introduced



Equity

investment

trusts






17




20







Current tax law








Japan




Proposal







required)








Consumption tax









will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




15

Japan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top










Corporate tax rates







and 31 March 2015



and 31 March 2016



3462 3211 3133

-

Reduced by 251

compared with


Reduced by 329

compared with















Corporate taxation









16

Current tax law

Proposal


between


2017


or after

1 April 2017

Up to 80


the fiscal year

Up to 65


fiscal year

Up to 50


fiscal year







after 1 April 2017




Current tax law









Proposal








debts) x 100

Other shares







will be abolished



be introduced



Equity

investment

trusts






17




20







Current tax law








Japan




Proposal







required)








Consumption tax









will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




16

Current tax law

Proposal


between


2017


or after

1 April 2017

Up to 80


the fiscal year

Up to 65


fiscal year

Up to 50


fiscal year







after 1 April 2017




Current tax law









Proposal








debts) x 100

Other shares







will be abolished



be introduced



Equity

investment

trusts






17




20







Current tax law








Japan




Proposal







required)








Consumption tax









will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




17




20







Current tax law








Japan




Proposal







required)








Consumption tax









will be deleted

Back to top




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




18

Korea

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top






December 2014






















Back to top




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




19

Malaysia

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















specified formula)




given as follows





ii Wakalah Fees


















20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




20




























Rules 2014

The Rules allow















Public rulings








21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




21





Trusts



















Back to top




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




22

Mauritius

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top




Cases
















holding






investments




taxable income









Mauritius






23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




23











Mauritius


royalty income

Other developments





Dividend 0 and 5

Interest 5

Royalty Exempt



cases





follows





Dividend Exempt 10

Interest Exempt 10

Royalty Exempt 10

Management or

professional fees

Not covered 12


of shares


State


State

FATCA






24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




24










(ldquoFSCrdquo)




entity in Mauritius

Back to top




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




25

New Zealand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top


























Cases









might adopt








26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




26












that





goodwill payments)























Other developments





sectors




(ldquoGSTrdquo)




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




27












2019

Back to top




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




28

Philippines

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top

Cases











































29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




29





ONETT taxpayers










the BIR e-lounges








Back to top




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




30

Singapore

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SRI LANKA

TAIWAN

THAILAND

VIETNAM

Back to top
















and



2015

FATCA IGA




Registration



IGA)






December 2015 is 88

Back to top




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




31

Sri Lanka

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

VIETNAM

Back to top


Budget 2015









Back to top




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




32

Taiwan

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

THAILAND

VIETNAM

Back to top



transaction










Back to top




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




33

Thailand

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

VIETNAM

Back to top





Personal Income Tax



Tax Refund


















land and buildings


Internet Filing











34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




34







Back to top




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




35

Vietnam

AUSTRALIA

CHINA

HONG KONG

INDIA

INDONESIA

JAPAN

KOREA

MALAYSIA

MAURITIUS

NEW ZEALAND

PHILIPPINES

SINGAPORE

SRI LANKA

TAIWAN

THAILAND

Back to top






























authorised bank










36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




36


activities



banking activities




currency













year




















CIs and






37











September 2014

Back to top




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

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Naresh Makhijani

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Erlyn Tanudihardja

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James Dodds

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Kim Kyeong Mi

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Guanheng Ong

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Wasoudeo Balloo

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Paul Dunne

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pfdunnekpmgconz

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+63 2 885 7000 ext 272

hmurakamikpmgcom

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Hong Beng Tay

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Premila Perera

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Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

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jeffseakpmgcomvn








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38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn




38

Contact us

Australia

Jenny Clarke

+61 2 9335 7213

jeclarkekpmgcomau

China

Khoonming Ho

+86 (10) 8508 7082

khoonminghokpmgcom

Hong Kong

John Timpany

+852 2143 8790

JohnTimpanykpmgcom

India

Naresh Makhijani

+91 22 3090 2120


Indonesia

Erlyn Tanudihardja

+62 21 570 4888


Japan

James Dodds

+81 3 6229 8230

jamesdoddsjpkpmgcom

Korea

Kim Kyeong Mi

+82 2 2112 0919


Malaysia

Guanheng Ong

+ 60 3 7721 3388


Mauritius

Wasoudeo Balloo

+230 406 9891

wballookpmgcom

New Zealand

Paul Dunne

+64 9367 5991

pfdunnekpmgconz

Philippines


+63 2 885 7000 ext 272

hmurakamikpmgcom

Singapore

Hong Beng Tay

+65 6213 2565


Sri Lanka

Premila Perera

+94 11 2343 106


Taiwan

Stephen Hsu

+886 2 8101 6666 ext 01815

stephenhsukpmgcomtw

Thailand


+66 2 677 2426

benjamaskpmgcoth

Vietnam

Jeff Sea

+84 8 3821 9266

jeffseakpmgcomvn








kpmgcomcn

General tax update for financial institutions in Asia Pacific · to a non-resident on borrowing of...

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